Unitil : 2026 Annual Shareholders’ Meeting Presentation

About this update from Unitil Corporation

Annual Meeting of Shareholders April 29, 2026 About Unitil Pure play regulated utility creating long-term sustainable value Local distributor of electricity and natural gas in Maine, Massachusetts and New Hampshire with attractive service areas Fully regulated electric and gas operations Growing customer base supported by strong regional economic growth Natural gas price advantage over competing fuels Robust investment opportunities in electric and natural gas infrastructure Grid modernization, resiliency, and renewable resource investments are well-aligned with climate policies Timely recovery of capital investments Stable long-term expected earnings and dividend growth Distribution revenues largely decoupled from sales volumes Earnings unaffected by commodity cost fluctuations Supportive regulatory outcomes Compelling investor value proposition Low-risk expected earnings and dividend growth Sustainable long-term organic growth opportunities Proven track record of financial, operating, and strategic performance SLIDE 3 Turning Promises into Progress Delivering strong financial results through superior operational performance ✓ Financial and Strategic Execution Achieved record earnings of $50.2 million and adjusted EPS (1) of $3.16 Increased dividend by 5.6% to $1.90 on an annualized basis Maintained strong balance sheet with credit metrics well above peers Closed acquisitions of Bangor Natural Gas and Maine Natural Gas Grew rate base by 17% and increased 5-year investment outlook by 20% Executed agreement to acquire three water companies (pending) Operational and Customer Excellence ✓ Ranked #1 in the Northeast for customer trust Achieved top-quartile reliability for the fourth consecutive year Ranked among the top companies in the nation for emergency response Maintained high levels of employee pride and engagement Named one of the Best Companies to work for in New Hampshire Solar project named 2025 NH Energy Week " Project of the Year " Adjusted EPS excludes non-recurring transaction costs. Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. SLIDE 4 Elevating the Customer Experience Driving satisfaction and loyalty through superior service Top Quartile Electric Reliability Four consecutive years of top quartile electric service reliability Best-in-Class Gas Emergency Response Ranked among the top companies in the nation for gas emergency response Pipeline Safety Management Selected as a "Best Practice Operator" at the American Gas Association's Best Practices Conference 100% 90% 80% 70% Overall Customer Satisfaction Unitil National Northeast 2019 2020 2021 2022 2023 2024 2025 SLIDE 5 Sustainable Value Creation Securing our future through responsible action Governance Board Qualifications and Expertise Accounting CEO/C-Suite ESG/Sustainability Finance Governance IT/Cybersecurity Investor Relations Labor/HCM Legal/Public Policy Marketing/Customer Relations Risk Oversight Strategic Planning Utility Operations/Regulation 0 2 4 6 8 10 People Recognized as one of New Hampshire's "Best Companies to Work For" for the fourth consecutive year. SLIDE 6 Kingston Solar Array 2025 NH Energy Week "Project of the Year" Our solar facility in Kingston, New Hampshire is the largest solar energy project in the state of New Hampshire, producing enough electricity to power over 1,200 homes. 5 MW photovoltaic (PV) solar facility 9.7 million kilowatt hours generated annually $2 million estimated savings for customers Accretive Expansion Accelerating growth through strategic acquisitions Enabling Value Creation Unitil now serves approximately 90% of natural gas customers in Maine Attractive service areas in major population centers Strong customer growth of 4% - 5% due to price advantage of natural gas and low penetration Fuel choice laws in place preserving the rights of consumers to select their preferred energy systems Strong geographic fit; highly complementary to existing operations Integration Status Bangor Natural Gas (Closed January 31, 2025) - Integration complete Maine Natural Gas (Closed October 31, 2025) - I.T. Integration expected to be substantially complete May 1, 2026 SLIDE 7 Lowering Energy Costs Residential Fuel Price per MMBtu $100 $G0 $80 $70 $60 $50 $40 $30 $20 $10 $- Maine Natural Gas Massachusetts Heating Oil Propane New Hampshire Electricity Natural gas is the smarter, cheaper alternative for home heating The Natural Gas Advantage $ per MMBtu Natural gas is the lowest-cost heating fuel in Maine, Massachusetts and New Hampshire Utility management of gas supply portfolios provides pricing stability not typical of petroleum-based fuels Gas heating systems are more cost-effective than electric heat pumps due to cold temperatures and high electricity prices Natural Gas vs. Heat Pump $60 $50 Electric Heat Pump ($0.31 per kWh) $40 $30 $20 Natural Gas Boiler ($1.80 per therm) $10 $- -15 -10 -5 0 5 10 15 20 25 30 35 40 45 50 55 60 Outdoor Temperature (Fahrenheit) Heat Pump Natural Gas $ per MMBtu Natural gas heating cost compared to other fuels… Fuel Maine Massachusetts New Hampshire Heating Oil -34% -18% -35% Propane -52% -33% -54% Electricity -41% -16% -28% Fuel Price Data: U.S. Energy Information Administration (EIA) Prices shown are January 2026 with the exception of natural gas in Maine, which is December 2025 Residential natural gas data in Maine unavailable for January 2026 SLIDE 8 Our Competitive Advantage Converting homes to natural gas lowers energy costs and reduces emissions Maine 2.2% 13.5% 8.3% 9.7% 16.0% 50.3% Highest percentage of homes heated with fuel oil in the nation New Hampshire 3.3% 11.9% 5.2% 20.4% 22.2% 37.0% Source: Washington Post, March 6, 2023 Fuel switching to natural gas presents a major opportunity to improve energy affordability Second highest percentage of homes heated with fuel oil in the nation SLIDE 9 Aquarion Water Acquisition Complementary utility operations add scale and diversification supporting long-term growth Expands Utility Platform Opportunity to acquire high quality water systems at an attractive valuation Complementary to existing utility operations and service company; opportunities for synergies Enhances Scale and Diversification Multi-state, multi-utility platform provides incremental growth, scale, and diversification Creates a stronger platform to support and finance long-term growth Constructive Regulation Maintains 100% regulated model in existing jurisdictions with strong regulatory relationships Supportive regulation with attractive cost recovery mechanisms Supports Long-Term Growth Incremental rate base supports EPS growth near the upper-end of guidance range Potential for further consolidation of municipal water systems within current regulatory jurisdictions Jurisdiction Rate Base (1) Customers Massachusetts New Hampshire ~$36 million ~$47 million ~12,000 ~11,000 Rate base as of December 31, 2025, includes estimates and approximations that are typically settled or litigated in rate cases SLIDE 10 Accelerating Growth Recent acquisitions are expected to be earnings accretive over the long-term Long-Term Guidance EPS Growth 5.0% - 7.0% Rate Base Growth 6.5% - 8.5% Total Shareholder Return 8.0% - 10.0% (1) Accelerating Rate Base Growth (2) $2.5 $2.0 $1.5 $1.0 $0.5 $- 2024A 2025A 2026F 2027F 2028F 2029F 2030F Existing Operations Maine Gas Acquisitions Aquarion Acquisition Billions Acquisitions will accelerate long-term EPS and Rate Base growth 17% Additional Rate Base 17% Additional Gas Customers 23,000 Water Customers in MA and NH 15% Gas Margin Increase Total Shareholder Return assumes dividend yield of 3.0% and a constant Price-to-Earnings ratio Forecast assumes Aquarion acquisition receives necessary regulatory approval; Rate Base includes estimates and approximations that are typically settled or litigated in rate cases SLIDE 11 Strategic Infrastructure Investment Accelerating infrastructure modernization and expansion Actual and Forecast Capital Investment (1) Consolidated Rate Base (2)(3) $ in millions $300 $250 $200 $150 Five-year capital investment of approximately $1.2 billion 835 ~20% increase over previous 5-year forecast 1,400 $ in millions 1,200 1,000 800 600 400 200 0 8.1% CAGR 1,002 900 935 1,068 1,135 1,329 $100 $50 $170 $185 $221 $228 $229 $252 $254 2019 2020 2021 2022 2023 2024 2025 Rate Base by Jurisdiction (2)(3) 2024 2025 Percentage FERC 49 55 4% MA 243 270 20% ME 350 476 36% NH 493 528 40% Total 1135 1329 100% $0 2024 2025 2026F 2027F 2028F 2029F 2030F Forecast does not include pending acquisition of three Aquarion water companies 2025 consolidated rate base includes acquisitions of Bangor Natural Gas and Maine Natural Gas Rate Base figures include estimates and approximations that are typically settled or litigated in rate cases SLIDE 12 Financial Strength & Sustainability Maintaining a strong balance sheet is a strategic priority Long-Term Financing Sources CFFO, Less Dividends, 58% Debt, 30% Equity, 12% Prioritizing Balance Sheet Stability Cash Flow from Operations funds the majority of capital investment Balanced mix of common equity and long-term debt offers financial flexibility Limited refinancing risk and no variable rate long-term debt Strong financial profile supports credit metrics well above downgrade thresholds Strong Credit Metrics (1) Unitil Peer Average Downgrade Threshold FFO / Debt 16.3% ~15% 13% Most recent data per S&P Ratings 360; includes S&P rating adjustments Cash Flow From Operations, less dividends, funds majority of capital plan Debt is net of any refinancing of maturing long-term debt Equity includes funds raised through the Unitil Dividend Reinvestment Plan and external equity issuances SLIDE 13 Delivering on Long-Term Earnings Guidance Historical earnings growth at long-term guidance midpoint Historical Earnings per Share (1)(2) Performance Over Last 12 Years (2) $3.50 $3.16 $2.82 $2.97 $2.59 $2.23 $2.31 $2.35 $2.15 $1.79 $1.89 $1.94 $2.06 $1.57 8.6% Annual Growth Net Utility Plant 7.2% Annual Growth Common Stock Equity 7.3% Annual Growth Net Income 6.0% Annual Growth Earnings Per Share $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2019 excludes after-tax gain on the divestiture of Usource 2024 and 2025 exclude transaction costs associated with the acquisitions of Bangor Natural Gas and Maine Natural Gas. Adjusted Net Income and Adjusted EPS are non-GAAP financial measures SLIDE 14 Compelling Value Proposition Driving sustainable growth through a disciplined, regulated strategy 5% - 7% Annual EPS Growth Long Term Guidance $1.2 Billion 5-Year Utility Capex Plan (2) 55% - 65% Dividend Payout Ratio Target Range 6.5% - 8.5% Rate Base Growth (2) 8% - 10% Annual Total Return (1) Price Appreciation Plus Dividend 16% - 18% FFO/Debt Target Total Shareholder Return assumes dividend yield of 3.0%, growth of 5% - 7%, and a constant Price-to-Earnings ratio Forecasts of capital investments and rate base growth do not include acquisition of Aquarion water companies SLIDE 15 Thank You! Unitil Corporation 6 Liberty Lane West Hampton, NH 03842-1720 1-888-301-7700 www.unitil.com NYSE Ticker: UTL unitil.com/investors Investor Relations 800-999-6501 [email protected] 86,600 Natural Gas Customers Appendix SLIDE 17 GAAP Reconciliation of Adjusted Gross Margin Twelve months ended December 31, 2025 Twelve Months Ended December 31, 2025 ($ millions) Electric Gas Other Total Total Operating Revenue $ 236.4 $ 299.6 $ - $ 536.0 Less: Cost of Sales (121.8) (100.5) - (222.3) Less: Depreciation and Amortization (31.9) (56.8) - (88.7) GAAP Gross Margin 82.7 142.3 - 225.0 Depreciation and Amortization 31.9 56.8 - 88.7 Adjusted Gross Margin $ 114.6 $ 199.1 $ - $ 313.7 Twelve Months Ended December 31, 2024 ($ millions) Total Operating Revenue Electric $ 248.3 Gas $ 246.5 Other $ - Total $ 494.8 Less: Cost of Sales (141.0) (79.6) - (220.6) Less: Depreciation and Amortization (29.3) (46.8) - (76.1) GAAP Gross Margin 78.0 120.1 - 198.1 Depreciation and Amortization 29.3 46.8 - 76.1 Adjusted Gross Margin $ 107.3 $ 166.9 $ - $ 274.2 SLIDE 18 GAAP Reconciliation of Adjusted Earnings Twelve months ended December 31, 2025 (Millions, except per share data) Twelve Months Ended December 31, 2025 Amount Per Share GAAP Net Income Transaction Costs Adjusted Net Income GAAP Net Income Transaction Costs Adjusted Net Income $ 50.2 $ 2.97 3.1 0.19 $ 53.3 $ 3.16 Twelve Months Ended December 31, 2024 Amount Per Share $ 47.1 $ 2.93 0.7 0.04 $ 47.8 $ 2.97 SLIDE 19 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

View stock analysis, news, and events for Unitil Corporation